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Is Zakat payable on fixed deposits which are placed with banks, post offices or companies? |
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Question:
Is Zakat payable on fixed deposits which are placed with banks, post offices or companies to get a fixed monthly or annual income? Such deposits are frozen for a period of 3 to 7 years.
Answer:
These amounts are actually owned by their depositors and they remain in the banks or at other places for saving, so they are liable for Zakat.
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The Quran |
Chapter: As-Saff (61) Ayat(verse): 10 |
| 10 . O ye who believe! Shall I show you a commerce that will save you from a painful doom? | |
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